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20130113
20130121
Search Results 0 to 13 of about 14 (some duplicates have been removed)
in temperament and in words on the debt ceiling. >> charlie, i think he realizes he has a winning hand substantively on this and there will be caveats in just a moment. i was struck, however that what this really, his last press conference his first term showed he should have had a lot more than he did. because he's rusty. if was almost analogy can be made to that first debate. he went on too long for a while. he stepped on his narrative some. and if you read t i think reads better than it looked. the reason i say i think he believes he has the upper hand on the debt sealing is because republicans have a losing hand. they don't want to hold the full faith and credit of the united states hostage to cutting entitlements. that's just not a winning hand but there are other games they can play in the middle on that and i think that obama did at best a fairly good job today in countering that. >> rose: major? >> well, the president uses press conference primarily, charlie, to tell the republicans in the countries that's watching and the bond markets and financial markets all over the world t
to negotiate. and they fired back that the debate over the debt ceiling was the perfect time to consider legislation to cut spending. at the same time, only a handful of republicans have actually said they'd let the united states default on its bills. >> the president claims this, but republicans have always raised the debt ceiling. we've never seen the debt limit fail to be raised. all they have said is we want to apply the same criteria that the president himself applied when he was a senator and say we don't want to give the president a blank check. we would like to fix the substantive problem which is the level and the growth in the debt. >> reporter: markets are almost treating the fight over the debt ceiling as the sequel to a bad movie. and investors have a pretty good feel for how this cliffhanger ends. >> they don't really care about the brinksmanship until they are right up to the brink, but also, the more dangerous the fall, off the brink, they figure the less likely that it's going to happen. >> reporter: treasury secretary timothy geithner told congress today that unless it
figures show it is possible for the u.s. government to avoid defaulting on its debts even if the debt ceiling is not raised. >> and there is no reason for the government to default unless president obama and the democrats want us to. it's just a scare tactic to continue the spending that they don't want to address. that's why they keep saying, "oh, we're going to default. we're going to default. we're going to default." it's just not true. >> reporter: but talk like that scares many budget analysts in washington. they argue markets will see a failure by the unit ed states to pay any of its bills as a threat it could one day stop paying some or all of its bills, including interest on its debt. >> if we pay the chinese the interest we owe them on their sovereign debt holdings, on time and in full, but we don't pay social security recipients or armed services personnel their salaries, is that a default? well, of course it is. >> reporter: a recent inspector general's report found the treasury doesn't have the computer systems in prioritize some payments over others. so if the treasury ru
: the new republicans in congress were threatening to vote against raising the debt ceiling. if congress didn't act by august 2, the federal government would be unable to pay its bills. >> in 2010, when all these republicans were running for congress, many of them avowed tea partiers and the rest of them riding the tea party wave, the subject of the impending debt ceiling came up frequently and virtually all of them campaigned saying... pledging not to raise the debt ceiling. >> narrator: early on, republican freshmen attended orientation sessions. republican strategist frank luntz ran one of them. >> and i asked the question, how many of you are going to vote for the debt ceiling? and only three or four of them raised their hands. and i said, if you vote for the debt ceiling, the people who put you in office are going to knock you out. >> if you vote for the debt ceiling, you're voting for your own death certificate, political death certificate. >> narrator: for his part, the president decided to try something new: personal politics. he figured he could connect to the republican leader,
. they are busy paying for pensions and prisons. >> more on the debt ceiling debate. >> america cannot afford another debate with this congress about whether or not they should pay the bills they have already racked up. the financial well-being of the american people is not leveraged to be used. the full faith and credit of the united states of america is not a bargaining chip. >> america has a debt problem and a failure of leadership. americans deserve better, and therefore intend to oppose the effort to increase america's debt limit. senator barack obama, march 16, 2006. >> it is not good for obama. he was also -- he also knew that his vote would not make a difference. >> come on. he said what he said pier do not cover for him. >> people do different things at different times. >> there is a deeply depressing column by david brooks in "the new york times" that says the era of the grand bargain, as he calls it, is over. there was a feeling over the past couple of years that both sides would cut taxes and raise entitlements and get a grand bargain. that seemed to be a lost opportunity. obama s
as my first term comes to an end. >> brown: the questions were dominated by the looming debt ceiling fight. the president sternly warned republicans not to balk at raising the nation's borrowing limit. >> they will not collect a ransom in exchange for not crashing the american economy. the financial well being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is running short. >> brown: congress has until march to raise the debt ceiling and prevent a government default. most republicans have insisted that with the government facing another trillion dollar deficit this year, any increase in borrowing authority must be tied to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the b
credit status if there's a delay in raising the debt ceiling. the federal government is expected to exceed its borrowing limit by march, unless congress acts. if fitch does downgrade u.s. debt, it would join standard and poor's, which took that action in 2011 during the last debt ceiling debate. the u.s. house moved to pass a hurricane sandy relief bill this evening. $17 billion would go for immediate recovery in the affected northeastern states. another $33 billion is for long- term spending. some republicans argued that much of the money isn't for emergency relief at all. california's tom mcclintock called for stripping that funding out. >> according to the congressional budget office, more than 90% of this money won't even be spent this year. that's not emergency relief. $16 billion is to quintuple the size of the community development block grant program. that's the slush fund that pays for such dubious projects as doggie day care centers and doesn't even have to be spent in the hurricane area. >> sreenivasan: other republican >> sreenivasan: other republicans joined with mos
creates an entirely self-inflicted shortage through the debt ceiling. how is it exactly that we're supposed to have this crisis that leads to a double dip recession? it really doesn't even make sense as a story. and yet it is one of those things that people say and by and large, are not contradicted on. >> we keep hearing from the right that we're here on the path to becoming greece, and you say that that's impossible? >> yeah. we, even if, suppose that people decided, investors decided they don't like u.s. government debt, it can't cause a funding crisis because the u.s. government prints money. it's even hard to see how it can drive up interest rates because the fed sets interest rates at the short end, and why exactly would the long run rates go up if you don't expect the fed to raise rates? it could lead to a weakening of the u.s. dollar against other currencies. but that's actually a good thing. that would make u.s. exports more competitive. that would actually boost our economy. so it's, actually impossible to tell that story, as far as i can tell. and yet, it's not, again
Search Results 0 to 13 of about 14 (some duplicates have been removed)